Monday, November 17, 2008
A downer Monday as the Dow lost 223 points on average volume. Advance/declines were 3 to 1 negative. Still trying to hold on here and I'm still a believer in that. It could be time to try the OEX calls for expiration week. Not a solid signal and more of the seat of the pants play. We'll see. No need to do anything else stupid this month but you never know. It still seems as though we are getting liquidation of whatever will sell, for whatever reason. We'll take it day to day for expiration week. Gold was little changed but the XAU dropped 4 points. ABX and NEM lost about a buck with GG off 2. Volume was average. Thinking about getting long gold again for January. Plenty of ideas here but will wait for the technicals to give the say so hopefully. GE was up a touch on average volume as well. Sold off and came back on the day. GE is at 15 and change. From a long term perspective I don't think you can go wrong there. Is GE going belly up? Are you kidding? In a couple of years you will look back and say it was a buy of a lifetime. Perhaps. It isn't Lehman Bros. That's just my opinion. Mentally I'm doing OK. I'd like to make some money this week. I don't want to do anything stupid though. I'm leaning towards the long side. But I could be wrong. Nothing wrong with staying in cash on the sidelines. We'll see what happens.
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